Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Segment Reporting Information, by Segment

The table below summarizes the significant expense categories regularly reviewed by the CODM (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenue	$	139,514	$	666,655
Cost of sales	30,695		14,115
Research and development expenses:
Direct COVID-19 Vaccine(1)	34,255		7,277
Direct CIC and influenza vaccines	2,853		12,504
Direct other vaccine development programs(1)	2,264		157
Employee and benefit expenses	38,056		39,910
Facility and other research and development expenses(2)	18,044		29,089
Selling, general, and administrative expense	28,777		48,090
Other segment income (expense)(3)	5,939		3,133
Net income (loss)	$	(9,491)	$	518,646

(1) Direct R&D expenses are comprised primarily of costs paid to third parties for clinical and product development activities. Direct COVID-19 Vaccines expenses include costs associated with the Phase 3 trial for the Company’s CIC and stand-alone influenza vaccine candidates.

(2) Facility and other research and development expenses consist of indirect costs incurred in support of overall research and development activities and non-specific programs, such as overhead costs, information technology, and facility-based expenses not allocated to a specific program.

(3) Other segment income (expense) includes interest expense, income tax expense, and other income, net.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Total revenue by the Company’s customer’s or collaboration partner’s geographic location was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
United States	$	96,093	$	39,410
Canada	—		575,670
Europe	20,146		8,086
Rest of the world	23,275		43,489
Total revenue	$	139,514	$	666,655

Total long-lived assets of the Company by geographic location were as follows (in thousands):


	March 31, 2026		December 31, 2025
United States	$	57,022	$	60,682
Europe	6,485		7,015
Total long-lived assets	$	63,507	$	67,697